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Indian share markets open in the red
Thu, 26 Jun 09:30 am

Barring Malaysia (down 0.3%), the major Asian stock markets have opened in the green with Singapore (up 0.4%) and Hong Kong (up 0.9%) leading the gains.

However, the Indian share markets have opened the day on a negative note. Barring oil and gas, all sectoral indices have opened in the green with stocks in banking and auto sector leading the gains.

The Sensex today is down by around 22 points (0.1%), while the NSE-Nifty is down by around 7 points. The midcap and smallcap stocks have opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.3% and 0.4% respectively. The rupee is currently trading at Rs 60.14 to the US dollar.

Auto stocks have opened the day mainly in the green with Force Motors Ltd and Eicher Motors Ltd leading the gains. However, Maruti Suzuki Ltd and Tube Investments Ltd were leading the losses. As per a leading financial daily, Ashok Leyland is planning to raise about Rs 6 to Rs 7 bn through a qualified institutional placement to pare debt. The fund raising is expected to be concluded in the next couple of weeks. As per the sources close to the company, the move may lead to the equity dilution of 6.1% in the company and may bring down promoter's stake to 39% from 41.25% in FY14. It was in August 2013 that the peak debt of the company touched Rs 62 bn. Since then, the company subsequently has been reducing its debt burden gradually through several measures. At the end of FY14, the company's debt stood at Rs 39 bn, with debt to equity ratio standing at 0.87 times, up from 0.78 times in FY13,

Indian Pharma stocks have opened the day on a mixed note with Dishman Pharma Ltd and JB Chemicals Ltd leading the gains. However, Natco Pharma Ltd and Glenmark Pharma Ltd were facing maximum selling pressure. As per a leading financial daily, the domestic Pharma sector is likely to be offered a financing scheme by the Modi government for the upgradation of manufacturing facilities and meet stringent standards of the world's leading export markets. It is important to note here that Indian pharma companies are facing a tough time on account of quality issues raised by US Food and Drug Administation (USFDA). One of the options being considered is an interest subsidy scheme for the upgradation of manufacturing facilities. Besides, the Government is also aims to boost the active ingredients segment of the domestic industry, which has suffered from cheap Chinese imports.

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